** VAT to remain, Govt decides against shift to Turnover Tax

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The Sri Lankan Government has decided to retain Value Added Tax (VAT) and will not replace it with Turnover Tax (TT), the Sunday Times Online reliably understands.

VAT was to be replaced with TT and the announcement was to be made in this afternoon (Friday)'s budget presentation. The decision to stay with VAT comes in the wake of opposition from the business community and the tourism sector in particular. In an article titled "VAT – Throwing the “Baby with the Bathwater” which appeared in the Business Times last week, Suresh Perera, Principal – Tax and Regulatory, KPMG Ford, Rhodes, Thornton & Co, explained why replacing VAT is not beneficial oo the country.

The tourism sector said TT, which has a cascading effect, would stall development in the sector. - ENDS -

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